Harding, based in Seimsfoss, has operations in 16 countries. It supplies lifeboats, rescue boats, and davits to oil companies anddrilling contractors and to shipyards for deep-sea vessels.

The company was created in 2013 following the merger of Schat-Harding and Noreq. It has an 800-strong workforce and revenue last year of around EUR 140 million ($156 million).

Palfinger CEO Herbert Ortner said: “Together, we will become the market leader in lifesaving equipment.”

Palfinger provides deck equipment and handling solutions for the maritime industries. It expects to strengthen its service in Norway, currently provided byDreggen and Norwegian Deck Machinery, as a result of the acquisition.